“Who is the other side of these trades?” is one of the most interesting and least covered stories in a mania.https://twitter.com/nathanielpopper/status/1031574913511915520 …
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Patrick McKenzie Retweeted Nathaniel Popper
“Who is the other side of these trades?” is one of the most interesting and least covered stories in a mania.https://twitter.com/nathanielpopper/status/1031574913511915520 …
Patrick McKenzie added,
I have a feeling that techies of my acquaintance will feel uneasy about the notion that their lambo was bought by the victim of an investment scam. And one of the innovations of Bitcoin is that it creates a scam where every participant can semi-plausibly deny scamming.
The early adopter who sold their Bitcoins never talked to this woman. The US exchange never did either and had florid disclaimers about investment risks a few pixels below the place where they let you buy Bitcoins on a credit card. The Korean exchange had “regulatory uncertainty”
Now if you’ve actually followed this you know the industry is in fact crooked as a barrel of fish hooks and features *exactly* the same people (individuals and types) who usually run investment scams, including (I assume without fear of contradiction) in Korea, but it is deniable
In other news, Bitcoiners write letters to the SEC asking them to approve Bitcoin ETFs so that retail can purchase them in IRAs. That’s a literal thing. The person writing that letter wrote that this would improve prices. That person is the regulatory shock troop of a scam.
It is kind of amazing that you can create a codebase which births a memeplex which convinces uninvolved humans “I should advocate for this memeplex to the SEC.” That’s the core innovation of the Satoshi scam. We’ll be dealing with variants of it for a thousand years.
Not rhetorically asking -- this didn't happen in previous eras?
That's actually a good question, and there are probably non-zero physical letters from retail investors in the archives of the SEC regarding e.g. the dot-com bubble, but the incentive structure is new, the threshold is lower (submit via web app!), and the communities are new.
There was a certain virality to dot-com era investment, aided and abetted by the news media, but there were not organized groups on Reddit and Whatsapp who have literal spreadsheets for their recruitment targets.
I've been exploring the hypothesis that the big thing social networks do is allow people to be social again. They get to talk to each other about what they actually want. We assumed that was presumptively good, but like most things in tech, it was actually neutral.
The aggregate of what everyone can talk about wanting is not the same thing as the aggregate getting something it actually wants. But, mechanistically, it's unclear regulation works when the deregulating cohort is this organized. Also a neutral observation.
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